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Forecast Error - What is the formula for forecast error?
Answer
To find the prediction inaccuracy or accuracy, businesses utilize a variety of formulae, some of which are not so common. Here are a few measures that are often used: The MAD is the mean absolute deviation, which is calculated as ABS (actual - forecast). The formula for Mean Absolute Percent Error (MAPE) is 100 * (ABS (Actual - Forecast)/Actual)